Steak Is a Normal Good

question 6

Multiple Choice

Steak is a normal good.If the price of steak increases,

• A)the income effect on the demand for steak will reinforce the substitution effect
• B)the income effect on the supply of steak will,to some extent,offset the substitution effect
• C)the budget line will rotate outward
• D)consumers' purchasing power will increase
• E)the budget line will shift outward

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